How the Bankers Outfoxed the Politicians \ stacker news ~econ

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325 sats \ 7 comments \ @Undisciplined 12 Oct econ

By George Ford Smith

When the bankers called for a central bank in the US, they claimed to only want a way to stop bank runs. It turns out that they wanted—and got—much more. The permanent regime of inflation and asset bubbles is the result.

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37 sats \ 0 replies \ @sangekrypto 12 Oct

This means you always have to be careful if there is a bank like that

36 sats \ 0 replies \ @Satosora 12 Oct

You always need to be careful of bankers, they are not the most moral of people. Hence why they are represented by pigs in the old cartoons.

26 sats \ 3 replies \ @7e6e393a56 12 Oct

There is no capitalism without the state. All banks go hand in hand with the state

0 sats \ 2 replies \ @Undisciplined OP 12 Oct

Definition: "Capitalism is an economic system based on the private ownership of the means of production and their operation for profit."

The state is actually completely antithetical to capitalism.

20 sats \ 1 reply \ @7e6e393a56 12 Oct

I didn't write based on definition, but based on reality. Look for large private companies and see if they are not in conjunction with the state

0 sats \ 0 replies \ @Undisciplined OP 12 Oct

Obviously they are. Why are you referring to systematic violations of property rights as "capitalism", though, when that's the opposite of the word's meaning?

24 sats \ 0 replies \ @siggy47 12 Oct

Good article. Almost a TLDR of "The Creature From Jekyll Island"